This survey of investors perfectly captures the irony of surveying investors

If you're in the latter camp, then you might want to avoid this
chart.

In a note to clients on Monday, Barclays shared the results of
its quarterly macro survey. And data from the 889 institutional
investors who participated shows that investors totally rolled
over on their outlook for German bunds.

At the start of the year, almost all investors saw bund yields
under 0.5% in the next three months.

This prediction was spectacularly wrong, as
bund yields exploded higher and as of Monday were sitting
near 0.9%. But, undeterred by being totally wrong in the first
quarter, investors think bund yields could go higher from here —
after investors
lost 25 years of yield in just two weeks.

"Interestingly, 44% of rates investors believe that bund yields
have more room to rise in the coming months," Barclays' report
said. "This suggests a big revision in investors' expectations
about bund yields since our last survey."